(31 Oct 2022)
RESTRICTION SUMMARY:
ASSOCIATED PRESS
Abu Dhabi - 31 October 2022
1. Various of OPEC (Organization of the Petroleum Exporting Countries) Secretary General Haitham Al Ghais walking onto the stage
2. SOUNDBITE (English) Haitham Al Ghais, OPEC Secretary-General:
"The outlook sees energy demand expanding by a good 23% between now and 2045, that is around 2.7 million barrels a day of oil equivalent per year. Today however, the reality globally, as we know, is that there is a huge shortfall in investments to meet this expected future demand growth. The sustainability of the global energy system is actually at stake."
3. Wide of Al Ghais on stage
4. SOUNDBITE (English) Haitham Al Ghais, OPEC Secretary General:
"For the oil industry alone we see global investments requiring a total of 12.1 trillion, and I repeat trillion with a 'T', between now and the year 2045. This is not only to add new capacity, but also to manage annual average industry decline rates of nearly 5% and this equates to over 500 billion U.S. dollars each year."
5. Wide of Al Ghais on stage
6. SOUNDBITE (English) Haitham Al Ghais, OPEC Secretary General:
"OPEC is fully committed to helping ensure that the oil industry has a sustainable and stable environment that enables investments to be made. This is evidently on display here in the UAE, that has great plans to boost crude oil production capacity to 5 million barrels a day by 2030 and reduce emissions at the same time."
7. Al Ghais walking away from lectern
STORYLINE:
The top official for a collection of oil producing countries warned Monday that substantial investments were needed to meet demands in the future.
Haitham Al Ghais, Secretary-General at the Organization of the Petroleum Exporting Countries (OPEC), said "The outlook sees energy demand expanding by a good 23% between now and 2045, that is around 2.7 million barrels a day of oil equivalent per year."
Adding, "For the oil industry alone we see global investments requiring a total of 12.1 trillion, and I repeat trillion with a 'T', between now and the year 2045."
He went to advise that this investment is for "new capacity" and to "manage annual average industry decline rates."
Oil will remain the world's No. 1 energy source, even with the growing concerns with global climate change, OPEC concluded.
"The reality globally, as we know, is that there is a huge shortfall in investments to meet this expected future demand growth. The sustainability of the global energy system is actually at stake," Al Ghais added.
Al-Ghais also said that the UAE has plans to boost crude oil production capacity to 5 million barrels a day by 2030.
Saudi Arabia and the United Arab Emirates defended on Monday a decision by OPEC and its allies to cut oil production, even as an American envoy warned of "economic uncertainty" ahead for the world.
===========================================================
Clients are reminded:
(i) to check the terms of their licence agreements for use of content outside news programming and that further advice and assistance can be obtained from the AP Archive on: Tel +44 (0) 20 7482 7482 Email: info@aparchive.com
(ii) they should check with the applicable collecting society in their Territory regarding the clearance of any sound recording or performance included within the AP Television News service
(iii) they have editorial responsibility for the use of all and any content included within the AP Television News service and for libel, privacy, compliance and third party rights applicable to their Territory.
Find out more about AP Archive: [ Ссылка ]
Twitter: [ Ссылка ]
Facebook: [ Ссылка ]
Instagram: [ Ссылка ]
You can license this story through AP Archive: [ Ссылка ]
